Highlights
Equities slipped Friday to cap a down week as the market succumbed to corrective pressures after several weeks of gains. Weakness in Apple shares paced the move to the downside after the iPhone maker reported weaker than expected revenues, but Amazon rallied after reporting better than expected sales and profits.
The decline in the major averages masked the fact that most shares were higher Friday, with megacaps generally better after bond yields declined on somewhat weaker than expected monthly US employment figures.
The Dow industrial average and the Nasdaq both declined 0.4 percent and the S&P 500 lost 0.5 percent. US Treasury yields fell, the dollar was mixed, and oil prices rose to end a very strong week.
Risk aversion hurt the major averages in the afternoon on news that a cyberattack had disrupted service at hospitals and clinics in several states. By coincidence, Fortinet, a cybersecurity firm, tanked 25 percent to lead cybersecurity stocks down after warning earlier of slowing spending on its services.
Among sectors, best were consumer discretionary, reflecting Amazon's great day; energy outperformed as oil prices extended their recent advance; plus materials. On the downside, consumer staples, information technology, and industrials lagged.
The decline in the major averages masked the fact that most shares were higher Friday, with megacaps generally better after bond yields declined on somewhat weaker than expected monthly US employment figures.
The Dow industrial average and the Nasdaq both declined 0.4 percent and the S&P 500 lost 0.5 percent. US Treasury yields fell, the dollar was mixed, and oil prices rose to end a very strong week.
Risk aversion hurt the major averages in the afternoon on news that a cyberattack had disrupted service at hospitals and clinics in several states. By coincidence, Fortinet, a cybersecurity firm, tanked 25 percent to lead cybersecurity stocks down after warning earlier of slowing spending on its services.
Among sectors, best were consumer discretionary, reflecting Amazon's great day; energy outperformed as oil prices extended their recent advance; plus materials. On the downside, consumer staples, information technology, and industrials lagged.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
